Protecting your finances now Labour are in charge

dragonfly46

I have been a Tory all my life but I am astonished that those on here who can well afford to pay more taxes to fund social care, the NHS, education etc are ring-fencing their assets so they do not have to pay.
Those of us who are better off, own our homes, have investments should be willing to support those who are not lucky enough to have these.
Okay you say you have worked hard for these things. Most people have worked hard during their lives, the cleaners who cleaned your posh offices, the mechanic who serviced your car, the train driver who took you to work etc.
Please show some compassion - it is what the Conservatives sorely lacked. I welcome the change.

Well said!

Another Tory here welcoming change

petra

kircubbin2000

There was talk of taxing your pension. I would not like that.

My pension and many thousands of others already have their pensions taxed. Nothing new there.

As far as I'm aware, pensions have always been taxed if they go above the Personal Allowance.

Labour will be nothing short of robbers

Sorry, pressed send too quickly.

Labour will be nothing short of robbers - just nonsense from the aggrieved.

There would be riots here if they taxed pensions where you have already paid taxes during your working life. Double dipping. Also, to have to pay a tv licence for the state tv is ridiculous. Horrible system.

Well there’d probably be some disgruntlement here if our state pension was means tested, as I understand yours is, nanna8? What percentage of Australians actually receive one? I have googled, but the 60% figure I’ve seen looks very out of date.

RosiesMaw

To be fair, while there are so many families being rehoused in B & Bs, damp and mould ridden Housing Authority flats, whole families often in one or at most two rooms with shared toilets and kitchens, or even containers I shan’t shed too many tears for second home owners or holiday let’s in rural,or seaside areas where 50% of the housing is AirNbB and locals are priced out of the market
As for “rings of steel” , my sock under the bed will stay where it is.
I don’t think those of us on pensions especially where we own our own homes are necessarily particularly at risk.
If spending on homelessness, the NHS, schools, social housing and social care take precedence over investment in property or tax evasion schemes I’ll be the first to give three hearty cheers

It really is beyond me this stuff. I just don't get it! The greed.

Why should somebody have 3 homes and somebody else is out in the rain?

Ladyleftfieldlover

Blimey Primrose! Just the one house to cope with. It appears that a few of you Tory supporters have your knickers in a huge knot. Doesn’t the word ‘compassion’ mean anything to you?

What an unpleasant post and such a shame Primrose felt she had to justify her position.

What do you expect people should do with surplus money?

Thank heavens for second homes and holiday lets as in our City the hotels are full of immigrants!

We also have a second home, it’s also a holiday let, we use a local cleaning company to service it, a local plumber, decorator, etc.
The guests that stay use the local restaurants, taxis, shops.
All this is putting money back into the local economy.

I have posted many times that I make significant donations to animal charities. That is my choice and where my compassion lies. It is not my choice to donate more money to the government than I am legally obliged to, and I will always endeavour to ensure that what the government takes from me is the absolute minimum within the law. I have paid a great deal of tax over the years and I continue to pay. Why should I further subsidise other people?

Zakouma66 the answer is that folks can buy what they want and can afford. We are not a socialist state (at least not yet!)

BevSec

Zakouma66 the answer is that folks can buy what they want and can afford. We are not a socialist state (at least not yet!)

Investing in property as part of a retirement portfolio was encouraged at one time. Pension funds were in peril due to the financial crisis of 2007/8 and as a result of the scrapping of the tax relief on pension fund dividends by Gordon Brown, leaving shortfalls in the retirement plans of many people.

Exactly so. Zakouma has posted before that she has no money so she presumably thinks any of us who are in a more fortunate position should give it away and if we don’t wish to we are greedy. By choice I have only one home and don’t want the hassle of rental properties but if I wanted to buy several houses why shouldn’t I? My hard earned and highly taxed money, my choice.

We thought of doing this twice, one overseas, but something happened each time to prevent it and I'm quite relieved that we didn't.

We have friends whose pensions wouldn't have been large (both very hardworking people but in lower-paid worthwhile jobs) and they put the money from a small inheritance towards buying a second property for extra retirement income. They let it out to a 'friend' who was down on his luck and he completely trashed the place, costing a fortune when they managed to get rid of him.

LizzieDrip

Floradora of course, anyone who needs care will lose their home to pay for it, such is the dire state of social care in this country. So they won’t be leaving their home to their children anyway.

Perhaps, if everyone paid a bit more tax, social care could be fixed so it wouldn’t take our homes - wow, there’s an idea!

The cost of residential care is huge, so I for one don’t see why people with sufficient assets shouldn’t pay for it, especially if they no longer need their own home to live in.

My DM, FiL, and an aunt were all self-funded in their care homes and personally I never felt it unfair that they should have to do so.

I live in an area on the south coast where the properties sell for silly money. OK for us with the wherewithal but hard for the locals who want to stay near their families where they were born. Same in coastal Cornish villages where quaint cottages are bought up as second homes or as holiday lets. It sucks the life blood out of the community.

I agree witzend. Why on earth should anyone fund the social care of another person so that that person doesn’t have to sell their house?

Callistemon213

BevSec

Zakouma66 the answer is that folks can buy what they want and can afford. We are not a socialist state (at least not yet!)

Investing in property as part of a retirement portfolio was encouraged at one time. Pension funds were in peril due to the financial crisis of 2007/8 and as a result of the scrapping of the tax relief on pension fund dividends by Gordon Brown, leaving shortfalls in the retirement plans of many people.

And the other thing Gordon Brown did, IIRC, was to remove mortgage interest relief for homeowners, while retaining it for landlords. A pretty blatant encouragement for buy to let.

I’ve often thought that Labour reasoned that a huge rise in the private rental sector, would remove their need to bother too much about providing social housing, or repealing the Right to Buy legislation, which would almost certainly have lost them votes - plenty of staunch Labour voters inc. a friend of mine, were only to happy to buy their homes at a substantial discount.

Of course at the time, I doubt that anyone could have foreseen the huge eventual rise in house prices, and private rents accordingly.

Germanshepherdsmum

I agree witzend. Why on earth should anyone fund the social care of another person so that that person doesn’t have to sell their house?

I think the nursing part of the care should be funded.
Otherwise it means that those needing nursing care in addition to general care are being forced to pay privately. Even if it is, it is difficult for relatives or those with POA to apply on behalf of the person in a nursing home who may have dementia or other incapacity.

Good hotels are cheaper than many care homes which are often owned by private equity funds and other, sometimes unscrupulous, owners.

No mortgage relief for landlords now, by the way.

RosiesMaw

To be fair, while there are so many families being rehoused in B & Bs, damp and mould ridden Housing Authority flats, whole families often in one or at most two rooms with shared toilets and kitchens, or even containers I shan’t shed too many tears for second home owners or holiday let’s in rural,or seaside areas where 50% of the housing is AirNbB and locals are priced out of the market
As for “rings of steel” , my sock under the bed will stay where it is.
I don’t think those of us on pensions especially where we own our own homes are necessarily particularly at risk.
If spending on homelessness, the NHS, schools, social housing and social care take precedence over investment in property or tax evasion schemes I’ll be the first to give three hearty cheers

Well said, me too.👏🏻👏🏻👏🏻

I am thinking and hoping, that they target the many second home-owners, holiday lets and air BnB owners, while leaving the majority of us ordinary folk alone

I don`t have rings of steel but am careful wrt the 7 year rule,whilst keeping enough to fund my own care, if needed.

I had forgotten that Labour try and get so much money from wealthier people.

My DH had a relative in the 1970s, who left England because of it, and never returned.

RosiesMaw

To be fair, while there are so many families being rehoused in B & Bs, damp and mould ridden Housing Authority flats, whole families often in one or at most two rooms with shared toilets and kitchens, or even containers I shan’t shed too many tears for second home owners or holiday let’s in rural,or seaside areas where 50% of the housing is AirNbB and locals are priced out of the market
As for “rings of steel” , my sock under the bed will stay where it is.
I don’t think those of us on pensions especially where we own our own homes are necessarily particularly at risk.
If spending on homelessness, the NHS, schools, social housing and social care take precedence over investment in property or tax evasion schemes I’ll be the first to give three hearty cheers

I couldn’t agree more, RosiesMaw. 👏🏻 👏🏻 👏🏻

It would be good if the MPs stopped receiving large pay rises and expense accounts were to set a good example. Don’t hold your breath though.

Germanshepherdsmum

Unfortunately, Merion, we now know that you are not unbiased.

To be fair GSM neither are you